Shares of Wag Group Co. PET, -4.17% — a company that connects dog owners with dog walkers and other pet-care services — rocketed 30% higher after hours on Tuesday after the company reported a surprise fourth-quarter profit and raised its full-year outlook. The company forecast 2023 revenue of $75 million to $77 million, a “7% improvement” from the midpoint of its prior forecast. Executives said they expected adjusted EBITDA — or earnings before interest, taxes, depreciation and amortization — to land between a $2 million loss and roughly breakeven, a “91% improvement” over its prior forecast. That forecast assumed a “continued trend in return-to-office,” the expansion of its wellness business and the acquisition of Dog Food Advisor, a move intended to help the company advance into pet food and treats. Wag earned seven cents a share during the fourth quarter, compared with FactSet expectations for a 14-cent per-share loss. Revenue of $17 million also topped expectations.
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